808 views 0 comments

Australia’s Cyber-intelligence Unit Will Focus on Fraud And Bitcoin

by on August 27, 2016
 

Cyber security is a topic that should matter to a lot of people. Unfortunately, that is far from always the case. Australia is making moves to ensure they can stay on top of online threats. The new local cyber-intelligence unit will have the primary objective of ensuring cyber crimes do not take place. Although the country is not dealing with any major threats so far, one can never be secure enough.

Cybercrime has been taking place on a global scale as of late. The number of attacks continues to rise, attacking consumers, enterprises, and service providers. Particularly the financial sector is not safe from harm by any means. Australia is taking the necessary steps to prevent these attacks from happening.

The Cyber-intelligence Unit Will Commence Operations Soon

A Cyber-intelligence unit sounds fancy on paper, but it is a powerful initiative as well. Spotting financial fraud will be one of the top priorities. Despite best efforts by law enforcement and the financial sector, fraud numbers continue to rise. Money laundering is another top priority, which has also been on the increase throughout the years.

This particular cyber-intelligence team will be launched by the Australian Transaction Reports & Analysis Centre. Albeit no specific dates have been announced, the “launch” could take place at any time. The Australian Cybercrime Online Reporting Network will join forces with this new cyber-intelligence unit. Bitcoin and cryptocurrency will be scrutinised as part of these investigations.

Cyber-intelligence units all over the world are struggling to keep up with the evolution of cybercrime. Criminals are using multiple attack vectors, including social engineering, hacking, and ransomware. But the biggest threat remains fraudulent identities, which are often used for organised crime and terrorism.

As one would come to expect, the cyber-intelligence unit will make use of “advanced technological tools”. For now, it remains to be seen what these tools entail exactly. The Australian government is confident they have whatever it takes to fight crime. With the local police using facial recognition technology later this year, privacy will become a very precious commodity in Australia.

Header image courtesy of Shutterstock

Enjoyed this article?

If you liked this article, sign up for the newsletter on the main page, and make sure to follow Fintechist on Twitter! and Facebook

Be the first to comment!
 
Leave a reply »

 

Leave a Response